1.5 million financingTamerlane announces up to C$1.5 million financing
BLAINE, WA, Sep. 15, 2009 (Canada NewsWire via COMTEX News Network) --
Tamerlane Ventures Inc. (TAM: TSX-V) announces today that, subject to regulatory approval, the Company intends to complete a private placement of up to C$1.5 million through the sale of units of the Company priced at $0.22 per unit. Each unit will consist of one common share of the Company and one-half common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of $0.32 per common share for a period of 18 months. The proceeds from the offering will be used for general corporate purposes.
Kingsdale Capital Markets Inc. will act as agent for the private placement. As consideration for Kingsdale's services under the private placement, Kingsdale will receive a cash commission of 6%, and warrants equal to 8% of the number of Units sold. The warrants are exercisable into a unit for a period of 18 months at $0.22 per unit.
Kingsdale will also have the option to purchase up to an additional 15% of the units offered during the period 30 days following the closing date to cover over-allotments.
All of the securities issued in this private placement will be subject to a four-month hold period. The offering is expected to close by the end of September.
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"Ross F. Burns"
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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